Job Description
Role Summary:
- The Reconciliations Manager is responsible for overseeing the reconciliation of all financial transactions across various accounts and platforms to ensure accuracy, compliance, and efficiency in financial reporting.
- The role requires exceptional analytical skills, attention to detail, and a deep understanding of banking operations and regulatory requirements.
Key ResponsibilitiesReconciliation Management
- Oversee the daily, weekly, and monthly reconciliation of bank accounts, digital payment platforms, and internal systems.
- Monitor and resolve discrepancies between bank statements, accounting records, and transaction reports.
- Ensure all suspense and unposted transactions are cleared within specified timelines.
- Develop and maintain reconciliation procedures and processes in compliance with bank policies and regulatory standards.
Operational Oversight
- Lead and manage a team of reconciliation officers, ensuring efficient workflow and adherence to deadlines.
- Conduct root cause analysis of reconciliation issues and implement corrective measures to prevent recurrence.
- Collaborate with IT and other departments to enhance reconciliation systems and automate processes.
- Maintain up-to-date knowledge of industry best practices and ensure continuous improvement in reconciliation operations.
Compliance and Reporting
- Ensure reconciliations are conducted in line with internal controls, audit requirements, and regulatory guidelines.
- Prepare and submit reconciliation reports to senior management, auditors, and regulators as required.
- Ensure accurate documentation of reconciliation processes and maintain a comprehensive audit trail.
- Address audit findings related to reconciliation and implement action plans for resolution.
Stakeholder Management
- Serve as the primary point of contact for reconciliation-related queries from internal and external stakeholders.
- Coordinate with financial institutions, vendors, and partners to resolve reconciliation discrepancies.
- Support the Finance and Risk Management teams by providing insights and data related to reconciliation trends.
Qualifications and Experience
Educational Background:
- Bachelor's degree in Accounting, Finance, Business Administration, or a related field. A Master's degree or professional certification (e.g., ACA, ACCA, CIMA) is an added advantage.
Experience:
- Minimum of 5 years of experience in reconciliation, financial operations, or a related role, preferably within the banking or financial services sector.
- Proven track record in managing teams and implementing process improvements.
Key Competencies and Skills
- Strong analytical and problem-solving skills.
- In-depth understanding of banking operations, payment systems, and regulatory requirements.
- Proficiency in financial software, reconciliation tools, and Microsoft Office Suite, especially Excel.
- Excellent attention to detail and organizational skills.
- Strong leadership and team management capabilities.
- Effective communication and interpersonal skills.
- Ability to work under pressure and meet deadlines.
Key Performance Indicators (KPIs)
- Timely and accurate completion of reconciliations.
- Reduction in unreconciled items and suspense account balances.
- Resolution of discrepancies within agreed timelines.
- Compliance with internal and external audit requirements.
- Employee performance and development within the reconciliation team.